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The winning bid for the iconic garment far surpassed expectations as it had been estimated to fetch at least $200,000 at Sunday's event.

The jacket worn by Michael Jackson in his "Thriller" music video sold for a whopping $1.8 million at an online auction Sunday, a day after the two-year anniversary of the singer's death.

The iconic red and black leather jacket had been estimated to fetch at least $200,000 at the event, overseen by Julien's Auctions in Beverly Hills, which called the $1.8 million winning bid a "record."

Julien's said that Milton Verret of Austin, Texas, was the winning bidder; he plans to display it at Austin's Dell Children's Hospital and hopes to raise money for children's charities and hospitals around the world in the spirit of Jackson.

The jacket was given by Jackson, who died in 2009, to his longtime costume designers Dennis Tompkins and Michael Bush. The inside lining is inscribed "To Bush and Dennis, All My Love, Michael Jackson," and the sleeve is signed "Love Michael Jackson."